LIC Jeevan Utkarsh Plan No. 846 is the close ended single premium non-linked with profit savings and investment plan.
Jeevan Utkarsh will be available for 270 days from the date of launch. The plan was launched on 6th September 2017. Last date : 31st March 2018
LIC Jeevan Utkarsh Features:
- Closed ended Single Premium Endowment plan
- High Risk Cover (10 times of Tabular Single Premium)
- Accident and Disability riders (Optional)
- Unique settlement option
- Loan on policy after 3 months
- Premium paid is eligible for rebate under 80(C)
- Maturity amount will be tax free under 10(10D)
On survival of policy holder i.e. completion of 12 year term, maturity will be Sum Assured + Loyalty Addition.
On death during First 5 Years of the policy:
- If policy holder dies before risk commencement then the single premium amount will be refunded to nominee without any interest or additional premium.
- If Death occurs after risk commitment, then death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).
On death after 5 years of the policy but before maturity:
- Death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.
Jeevan Utkarsh Eligibility conditions
- Minimum age of Entry: 6 years (Completed)
- Maximum age of entry: 47 Years (Nearest Birthday)
- Premium type: Single Premium
- Minimum Sum Assured: 75,000
- Maximum Sum Assured: No Max. limit
- Policy Term: 12 Years
Note: Risk cover will begin immediately if policy holder has completed the age of 8 years, but if you want to buy it for your child aged less than 8 years then risk cover will begin on one day before completing age 8.
Jeevan Utkarsh Special Surrender Value:
- 70% of Single Premium in 1st Policy Year
- 90% of Single Premium from 2nd Policy Year onwards
- If the policy is surrendered after completion of five policy years, Loyalty Addition, if any, shall be payable.
If Mr. Pankaj Aged 25 years Buys Jeevan Utkarsh For Sum Assured Rs.5 lakh then he will pay to pay one time premium Rs. 2,62,450 (without GST)
Scenario 1: Pankaj survives till the end of the policy Year 2029 Mr. Pankaj will get 5 lakh Sum Assured Plus Loyalty Additions: Total Approx 6 lakh to 7 lakh including LA.
Scenario 2: If Mr. Pankaj Dies anytime before the policy maturity date then his nominee will get Rs.26,24500/- And nominee will also get the loyalty addition if the policy has completed 5 years.